Do I Need Business Insurance?
Question: My accountant wants me to buy some business insurance. Is that something I should have?
Answer: I, too, advise my clients to purchase business liability insurance. It can protect you and your assets in the event of a lawsuit. If you are a sole proprietor, your personal assets are at risk with a lawsuit. Even if you are a corporation or LLC, business liability insurance can protect and preserve your business assets and your sanity.
Often, my clients say they don’t need liability insurance because our suppliers all have it. Yes, but, suing today usually involves a large net including any and every party even remotely involved. Protect yourself. The cost is reasonable. Check with your insurance agent to get the full story and some quotes.
Please email accounting questions you would like considered for the column to HGatter@AccountingSupportLLC.com with the subject line of "Ask the Accountant".
Harriet Gatter, owner of Accounting Support LLC, was an ad specialty distributor for 23 years and an adjunct professor of accounting at Neumann University. She sold her ad specialty business in 2012, became certified as a QuickBooks ProAdvisor, and now works exclusively with ad specialty distributors nationwide on their QuickBooks, order management and accounting needs.